MADRID—Spain’s Santander said on Tuesday its board had decided to make an interim distribution from 2021 earnings through a cash dividend and share buyback worth 1.7 billion euros ($2 billion), equivalent to 40 percent of its first-half underlying profit, The announcement comes after the ECB said in July it would lift restrictions on bank dividend…
Fed’s Powell Faces Heated Questions on Trading and Regulation
Federal Reserve Chair Jerome Powell faced heated questions on Tuesday from senators criticizing the central bank’s trading guidelines and financial regulation. Speaking to members of the Senate Banking Committee a day after two regional Fed presidents being scrutinized for their investment trades announced their retirements, Powell defended the central bank and vowed to improve policies…
US New Vehicle Retail Sales Set to Fall 25 Percent in September: Data
U.S. retail sales of new vehicles are expected to fall nearly a quarter in September, hurt by depleting inventories, even as consumer spending remains strong, consultants J.D. Power and LMC Automotive said in a joint forecast on Tuesday. New vehicle retail sales in the United States are seen dropping to 888,900 units in September, from…
Spike in Bond Yields Spooks Investors, Deflates Tech Stocks
Technology companies led a broad slide in stocks on Wall Street Tuesday, deepening the market’s September swoon. The S&P 500 fell 2 percent, its worst drop since May. The tech-heavy Nasdaq dropped 2.8 percent, its biggest drop since March. Decliners outnumbered advancers on the New York Stock Exchange 4 to 1. The benchmark S&P 500…
Fed’s Powell: Economic Bottlenecks in Reopening Could Be ‘More Enduring’
WASHINGTON—The higher prices and hiring difficulties seen as the U.S. economy reopens from the pandemic could prove “more enduring than anticipated,” and the Federal Reserve would move against unchecked inflation if needed, Fed Chair Jerome Powell said in remarks prepared for delivery to the Senate Banking Committee on Tuesday. “The process of reopening the economy…
Electric Vehicles Will Usher in New Pennsylvania Regulations
September 28, 2021
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News Analysis Ready or not, the pressure for companies and individuals to adopt electric transportation is lurching forward along with new regulations that will likely be felt by all. The future of electric vehicles in Pennsylvania was the topic of several discussions at the statehouse Monday. At the same time, Congress is debating a federal…
Yellen Says Delta Slowing Recovery, Urges Faster Distribution of Emergency Rental Aid
Treasury Secretary Janet Yellen told senators on Tuesday that the United States should return to full employment next year despite headwinds from the Delta variant and urged states and localities to speed up disbursement of emergency rental aid to families in need. Yellen made the remarks before a Senate committee on Sept. 28, in which…
Semiconductor Shortages to Cost Auto Industry $210 Billion in Revenue This Year
The U.S. auto industry is expected to lose $210 billion in revenue this year, according to the latest forecast by the global consulting firm AlixPartners, which projects a “multitude of extraordinary disruptions” in the industry. The industry is facing a loss of 7.7 million units of vehicle production, double the loss of a May forecast…
US Consumer Confidence Hits Seven-Month Low; Goods Trade Deficit Widens
WASHINGTON—U.S. consumer confidence fell to a seven-month low in September as a relentless rise in COVID-19 cases deepened concerns about the economy’s near-term prospects, fitting in with expectations for a slowdown in growth in the third quarter. The survey from the Conference Board on Tuesday showed consumers less interested in buying a home and big-ticket…
China’s Factory Profits Slow as Industries Brace for Power Crisis
BEIJING—Profit growth at China’s industrial firms slowed for a sixth month as plants fought off high commodity prices, COVID-19 outbreaks, and part shortages, with an unfolding power crisis a growing threat to output and bottom-lines. Profits rose 10.1 percent on year in August to 680.3 billion yuan ($105 billion) compared with a 16.4 percent gain in…
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